Majority Leader Hoyer Responds to the President’s Remarks on the Economy

For Immediate Release:

April 29, 2008

Contact:Stacey Farnen Bernards(202) 225 - 3130

WASHINGTON, DC – House Majority Leader Steny H. Hoyer (MD) released the following statement this morning after President Bush made remarks on the economy and other topics at a press conference:

“The President’s comments on the economy today clearly demonstrate why his popularity is at record lows in national polls now, and why his Administration will be viewed by historians as a failure. The President has proclaimed that he is the ‘Decider,’ but this morning all he tried to do is pass the buck to someone else rather than accept responsibility for his Administration’s failed economic policies and escalating gas prices.

“There is no question that this President will hand off an economy to his successor that is much weaker than the one he inherited. Today, household incomes are down, the poverty rate is up, eight million more Americans are uninsured, the economy has lost more than 3 million manufacturing jobs, gasoline and food prices are exploding, and the budget deficit and national debt are spiraling out of control.

“For his first six years in office, the President and the Republican Majorities in Congress did virtually nothing to address gasoline prices and to make America more energy independent. Then, with new Democratic Majorities in Congress, we passed landmark energy legislation that will increase fuel economy and invest in renewable and alternative fuel sources.

“Democrats continue to fight for measures that seek to hold down gas prices, such as holding OPEC accountable for price fixing, cracking down on price gouging, and repealing subsidies to oil companies that are enjoying record profits. In addition, we have urged the Federal Trade Commission to implement provisions in the energy bill enacted last year to stop market manipulation. Yet, most Republicans oppose our efforts.

“The objective economic indicators demonstrate that this Administration’s policies have failed America. The last thing the American people need is the ‘third term’ of the Bush Administration promised by Senator McCain. Democrats believe it is imperative that we move our nation in a new direction.”